IDFC Bank partners with Uphold for instant cross-border remittances

IDFC Bank on Thursday said it is partnering with Uphold, a cloud-based financial platform, for easy inward remittances to India, subject to approval from the RBI.

The partnership will enable Uphold users in the the US and UK, to send money or make payments instantly to anyone in India, redeemable directly through any Indian bank. How it works? Uphold members can create a secure one-time use code to email or text to anyone in India. The receipt can then instantly redeem the full value by entering the secure code through IDFC Bank’s website and the funds will be transferable into any bank account in India.

IDFC Bank in remittance pact with Uphold
“We believe the benefits of today’s digital money ecosystem should be available to everyone, across geographies and customer segments,” said Dr. Rajiv Lall, founder and CEO, IDFC Bank, which started operations last October with 48 operational branches.
“Receiving more than $72 billion in 2015, India is the largest remittance country. We are addressing common challenges that stem from a mobile-first population dispersed around the countryside that have had to rely on high-fee brick and mortar wire services far too long,” said Anthony Watson, president and CEO, Uphold.

IDFC Bank has partnered with global financial platform Uphold for inward remittances into the country. Starting with the UK and US, Uphold’s users will be able to send money or make payments to anybody in the country, which will be redeemable in any Indian bank, IDFC Bank said in a statement today. The partnership is yet to receive RBI nod, it added. The private lender, which started operations in October last, currently has 48 branches.